In time of retail uncertainty, NorthMarq successfully finances three transactions totaling $31.4 million
BOSTON (July 20, 2017) – Michael Chase, senior vice president of NorthMarq Capital’s Boston office arranged financing totaling $31,425,000 for three separate retail properties located throughout Massachusetts. Retail Plaza: Located at in Methuen, Massachusetts, this 170,000 sq. ft. retail property received refinancing of $12.5 million. The transaction was structured with a long-term fixed rate, non-recourse financing and a flexible prepayment structure. Coming off a maturing CMBS loan, NorthMarq arranged financing for the borrower through its relationship with a correspondent life company and was able to provide a nine-month forward rate lock. “Utilizing the forward rate locking ability of one of our correspondent life companies, we were able to allow the borrower to take advantage of the attractive pre-election rates in early November of 2016,” said Chase. “This provided the borrower rate certainty while also helping to save over $1 million in prepayment defeasance charges had the loan been refinanced in 2016.” Office/Retail Center: Located in Peabody, Massachusetts, this 37,692 sq. ft. mixed-use property received refinancing of $5.2 million. The transaction was structured with a long-term fixed rate and a flexible prepayment structure. NorthMarq arranged financing for the borrower through its relationship with a local bank. “We were pleased to once again meet the needs of a long-time client,” said Chase. “This newly developed mix-used center will surely be a long-term investment. We were able to provide a financing structure to fit the sponsor’s needs while also providing flexibility in case of the unexpected.” Retail Center: Located in Tyngsboro, Massachusetts, this neighborhood retail center received acquisition financing of $13.725 million. The transaction was structured with long-term financing which included two years of interest-only and a flexible prepayment structure. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
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